The firm has a $28 price target on shares of the Milwaukee-based mining machine maker.
Baird said the company's merger with Komatsu (KMTUY) remains on track without any competing offers, the Fly reports.
In July, the company announced that it will be acquired by Komatsu America, which is a subsidiary of Komatsu.
Yesterday, Joy Global reported weaker-than-expected results for the 2016 fiscal third quarter.
Shares of Joy Global were higher at the start of trading on Friday.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on Joy stock.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, poor profit margins, weak operating cash flow and feeble growth in its earnings per share.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: JOY